HomeMy WebLinkAbout1271 - A RESOLUTION IN SUPPORT OF THE CITY OF BOULDER'S 2019 BALLOT MEASURE 2I, IMPOSITION OF A MIDDLE-INCOME HOUSING PROGRAM RESOLUTION 1271
A RESOLUTION IN SUPPORT OF THE CITY OF BOULDER'S 2019
BALLOT MEASURE 2I, IMPOSITION OF A MIDDLE-INCOME
HOUSING PROGRAM.
THE CITY COUNCIL OF THE CITY OF BOULDER, COLORADO FINDS AND
RECITES THAT:
1. Housing in the City of Boulder can be out of reach for many middle-income families.
2. Two of the most significant barriers to entry to the housing market for middle-income
families are the need to make a large down payment at the time of purchase and the ability to
service a large mortgage.
3. The inability of middle-income families to participate in the Boulder housing market
reduces the economic diversity in our community.
4. Providing significant down payment assistance could help middle-income families
purchase a home that might otherwise be out of reach.
5. To the extent that a down payment assistance program is geared towards people who
already work in Boulder but who cannot afford to live in Boulder, increased home ownership
near the workplace will decrease in-commuting vehicle-miles-traveled and carbon emissions,
while increasing quality of life.
6. By deed-restricting homes in the proposed program with an appreciation cap, the
housing unit will not only be affordable for the middle-income family making the city-assisted
purchase, the home will be permanently affordable for all subsequent middle-income
purchasers, in perpetuity.
7. To provide this down payment assistance, the city needs a source of funds that could
be lent to qualifying middle-income families and which ultimately would be repaid to the city.
8. The proposed ballot measure would allow the city to borrow up to $10,000,000 to
provide down payment assistance to middle-income families.
9. The proposed ballot measure authorizes funding which can only be used to assist in
purchasing middle-income affordable homes by income-qualified low- and middle-income
buyers. The specific structure of the program is subject to adjustment to maximize program
participation and minimize costs to the city.
10. The proposed ballot measure does not propose to raise taxes.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
BOULDER:
The Boulder City Council hereby supports and urges a YES vote on Ballot Measure 2I, which
will appear on the November 5, 2019 election ballot.
ADOPTED this 1st day of October 2019.
CITY OF BOULDER, COLORADO
C
Suzanne Jo s, May r
Attest:
Ly Bec , City Clerk
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